WIF has jumped by 39% in the past 24 hours, with the DogWifHat price surging to $2.09 on a day when the crypto market gains by a very modest 0.3%.
WIF has been on fire pretty much all week, with the Solana-based meme coin posting a 180% increase in seven days, a 500% rise in a fortnight and an 860% surge in a month.
The coin has also exploded by just over 130,000% since December, making it the best-performing top-100 coin over this period.
And with WIF only gaining more momentum in recent days, it could see further gains in the near term.
DogWifHat Price Prediction as WIF Becomes Best-Performing Meme of the Week – Time to Buy?
WIF has also risen by 2% in the past hour, with its chart signalling some good rising momentum after a pronounced dip earlier in the week.
The coin’s relative strength index (purple) had dropped as low as 45 a few days ago, yet it has now risen back above 60, with more room for further gains.
Source: TradingView
Similarly, WIF’s 30-day average (yellow) has resumed rising vigorously again after a comparable dip, with its ascent suggesting that the coin remains in a pronounced expansionary phase.
The token’s trading volume also supports this view, given that it remains at around the $1 billion level, up from $130 million a week ago and $25 million a month ago.
It therefore seems that whales have begun buying up the coin in bigger quantities, with the catalyst for this growth being yesterday’s news that Binance will list WIF.
Binance launched $WIF perpetual on Jan 18 and listed $WIF today!
binance-insider.sol has bought a total of 37.5M $WIF($67.5M currently) at $0.25, and became the 2nd holder of $WIF.
The unrealized profit is ~$58M! pic.twitter.com/EpKMsV7N25
— Lookonchain (@lookonchain) March 5, 2024
Given Binance’s move, it’s possible that other major exchanges may follow suit and list WIF in the coming days or weeks, pushing the meme token even higher.
It’s also likely to benefit from the general mood of bullishness prevailing in the market at the moment, with rising Bitcoin ETF volumes making traders increasingly optimistic.
Of course, WIF’s status as a pure meme token means that traders need to remain wary of a potential dump, yet it’s likely that the coin won’t see a major drop for a while yet.
At the very least, it’s likely that the wider market will continue rising (with brief dips) until we reach the next Bitcoin halving, which will happen at some point in April.
This will likely bring the DogWifHat price with it, which could reach $2.50 or even $3 by the spring.
New High-Potential Meme Coins for Big Rallies
WIF has exploded in recent weeks, something which arguably raises the possibility of a major correction.
Assuming that it doesn’t have much big rallying left in it in the near term, some traders may be better off looking towards newer high-return meme tokens.
A great example of this is Smog (SMOG), which runs on Solana and Ethereum and also listed last month on the Jupiter and Birdeye DEX aggregators.
It has surged by 54 % in the past 24 hours, with the token also rising by well over 6,000% since it went live.
Source: Birdeye/TradingView
The chart above underlines how SMOG is a rare of example of a new meme coin that’s in it for the long haul.
It has only built on its early rallying, with traders becoming increasingly attracted by its novel airdrop system.
It will hold airdrops at regular intervals over the next few months, with drops awarding more coins to holders with the biggest pre-existing SMOG holdings.
Clearly, this system will encourage users to keep their SMOG coins for the longer term, boosting its price over time.
SMOG is also open to staking, with stakers able to receive a yield of 42% APY.
This will further boost long-term holding, with the token also holding a number of ‘quests’ that encourage users to help grow its online community.
Such quests seem to be working, seeing as how Smog now boasts 33,000 followers on Twitter, for instance.
This bodes well for its future, with investors able to buy the token at the official Smog website, or by going to the Jupiter or Birdeye platforms.
And once it lists on other exchanges, it could really take off, potentially making it the next WIF.
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